A2 Milk Co. today (26 April) gave an improved forecast for its infant formula sales, amid growth in Australia and through the e-commerce channel into China.
In February, when the New Zealand-based business announced its half-year results, it cautioned second-half sales of its infant formula would be below the level of the first six months of the year, although still higher than in the back half of 2016.
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Today, A2 Milk said second-half formula sales would “exceed” those generated in the first half of the year.
“Demand has been particularly strong in Australia, but also through the cross-border e-commerce channel into China,” A2 Milk said.
In its trading update, A2 Milk said its group revenues reached NZD388.5m (US$268.1m) in the first nine months of its financial year, a period that ran until 31 March.
A2 Milk is forecasting its annual group revenues will hit around NZD525m, up from NZD352.8m the previous year.
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By GlobalDataThe filing gave no commentary on A2 Milk’s profits.
Shares in A2 Milk, which have climbed by more than 61% in 2017, closed up 7.81% at NZD3.45.
In February, A2 Milk reported a jump in first-half profits, with “outstanding results” from the company’s domestic business, as well as its operations in Australia and China.
